CAPABILITY

Blockchain solutions for insurance

How can blockchain benefit the insurance industry?

Blockchain promises to reshape the processes that govern insurance, boosting efficiency and productivity.

Blockchain has the potential to drive profound, positive change for insurers.

The insurance industry depends on manual processes to compensate for a lack of trust between parties. These processes keep insurers’ cost bases high, and create customer-experience issues due to delays in policy renewals and claim payouts.

Blockchain automatically embeds trust into insurance transactions and contracts. It can dramatically improve efficiency and productivity for personal lines P&C insurers by substituting automated for manual business processes in claims handling and payment, subrogation, and assessment.

How Accenture can help

Accenture is a pioneer of blockchain innovation and its practical, real-world application for insurers.

We provide our insurance clients with a complete view of the blockchain-based technology landscape and its potential business benefits. We have developed blockchain solutions for a number of leading financial services organizations, focusing on the development of distributed-ledger technologies (including accelerators), thought leadership and patents, the co-innovation of proofs of concept, and the creation of partner ecosystems within and beyond the insurance industry.

Our global team of experts works with each client to help build smart strategies around effective use-cases, investment and implementation. We translate key insurance processes into blockchain-ready procedures and smart contracts, optimizing transactions as our clients scale and industrialize their operations.

Accenture is working closely with leaders from across the financial services industry, the academic community and our key technology alliances to move blockchain technology forward. The advantage we offer—in addition to our blockchain experience and deep insurance expertise—is the unique interaction between our Innovation Labs, which function as independent Fintech start-ups, and our global consulting organization, which provides stability, transformation expertise and extensive domain experience. All of this is underpinned by our global delivery organization and an unmatched array of technology assets, platforms and methodologies.

We draw on all of these diverse capabilities to help insurers operate more efficiently.

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